Student Loans
The staff in Student Financial Services determine loan eligibility and process loans for students in:
- The Graduate School
- McCormick School of Engineering and Applied Science (Professional Masters programs)
- School of Education and Social Policy (Professional Masters programs)
- School Of Communication (Professional Masters and Doctor of Audiology programs)
Before you consider student loans, please explore the possibility of other financial aid, such as grants, scholarships and fellowships which, unlike student loans, do not need to be repaid. Check first with your program to determine if they offer any assistance, then visit the webpages of the Office of Fellowships for other opportunities within and outside the university. Please note that application deadlines usually expire several months prior to the start of the academic year, so advance planning is imperative in order to take advantage of these offers.
We also recommend that you review the Guide to Federal Student Aid provided by the U.S. Department of Education. To view their publication, please click here.
Northwestern University adheres to the Code of Conduct as established by the Higher Education Opportunity Act as well as the National Association of Student Financial Aid Administrators' (NASFAA) Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. Click here to view Northwestern University's Financial Aid Code of Conduct.
Applying for Student Loans
Student loans are available to help finance the cost of education. The amount borrowed must be for educational expenses and cannot exceed (including all other sources of aid) the Cost of Attendance (2011-2012 or 2012-2013) for the loan period. The loan period is the term for which the funds are being borrowed. The minimum loan period is (1) quarter. The maximum loan period is (4) quarters.
The student must (a) be currently enrolled, (b) intend to enroll, or (c) have been enrolled during the entire loan period. In other words, you cannot receive student loan assistance for any term(s) during which you will not be registered.
Student loans may be federal or private. Click here for the eligibility requirements for federal loans. Eligible students are strongly encouraged to review the Department of Education's publication Federal Aid First and learn about the Federal Loan programs before applying for a private educational loan. Federal loans have fixed interest rates, flexible repayment plans, and offer deferment and loan forgiveness options. Also, private loans cannot be included in a Federal Loan Consolidation.
To apply for federal student loans, please follow the steps on the Student Loan Application Checklist for the appropriate Aid Year (2011-2012 or 2012-2013).
Students who are not eligible for federal loans may apply for a private student loan directly on a lender website. When your loan is approved, your lender will contact Student Financial Services and request the required school certification.
Click here for priority dates and deadlines for student loan processing.
You may reduce or cancel any portion of your loans by contacting Student Financial Services.
Disbursement of Loan Funds
All loan proceeds (federal and private) are disbursed directly to your Student Account. Because registration is completed on a quarterly basis, tuition is also billed quarterly, and your loan funds are disbursed just prior to the start of each quarter (if you are registered appropriately and have completed all loan requirements). Click here for further details. For additional information regarding tuition billing and payment, click here.
If you borrowed loan funds in excess of the total charges on your Student Account (for tuition, activity fee, health insurance, on-campus housing, parking permit, etc.), the credit balance will be available for your other expenses. You can request a refund (of the excess credit) via CAESAR on the first day of each quarter. Click here for your refund options.
If you do not request a refund, the excess credit will carry forward and be applied toward future charges. Please note, however, that interest on unsubsidized loan funds accrues from the date the funds are disbursed to your Student Account, regardless of whether a refund is requested.
Loan Repayment
When a student drops below half-time enrollment, their in-school status ends, their student loan grace periods (if any) begin and loan repayment may start or resume. Click here to review your federal loan terms and conditions regarding loan repayment. (See your loan promissory notes for complete details.) Exit materials will be provided to students within 30 days after their in-school status ends.
If you have questions or need further information concerning student loans, please contact Student Financial Services.
